Blue Ridge Bankshares, Inc. Announces Second Quarter 2023 Results
- Nonperforming loans increased to $86.1 million, or 2.68% of total assets.
- The provision for credit losses was $20.5 million.
- The Bank's tier 1 leverage ratio was 7.86%.
- The net interest margin was 2.67%.
- Total deposits declined by $148.0 million.
- The Company sold its wholesale mortgage business for $250 thousand.
- None.
For the second quarter of 2023, the Company reported net loss from continuing operations of
A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William "Billy" Beale:
"The net loss for the quarter was driven primarily by higher provision expense and the associated reversal of interest income related to loans that were placed on nonaccrual during the quarter. This group of loans, totaling
Having recently joined the organization in May 2023, I am pleased to have found Blue Ridge to be a quality bank providing exceptional service to its customers. My foremost priority, and that of our team, is to remain focused on our regulatory remediation efforts, as we continue to work diligently to bring the Bank's fintech policies, procedures, and operations into conformity with regulatory directives. At the same time, we want to re-energize the core banking franchise by attracting new customers from within our footprint, while supporting our fintech partners that continue to gain momentum."
Q2 2023 Highlights
(Comparisons for Second Quarter 2023 are relative to First Quarter 2023 unless otherwise noted)
Formal Written Agreement:
- As previously disclosed, Blue Ridge Bank entered into a formal written agreement (the "Agreement") with the Office of the Comptroller of the Currency ("OCC") on August 29, 2022. The Agreement principally concerns the Bank's fintech line of business and requires the Bank to continue enhancing its controls for assessing and managing the third-party, BSA/AML, and IT risks stemming from its fintech partnerships. A complete copy of the Agreement was filed as an exhibit to the Company's Form 8-K filed with the Securities and Exchange Commission ("SEC") on September 1, 2022 and can be accessed on the SEC's website (www.sec.gov) and the Company's website (www.mybrb.com). The Company continues to actively work to bring the Bank's fintech policies, procedures, and operations into conformity with OCC directives. The Company reports that, although work is progressing, many aspects of the Agreement require considerable time for completion, implementation, validation, and sustainability. Remediation costs related to regulatory matters were
in the second quarter of 2023 compared to$2.4 million in the prior quarter.$1.1 million
Asset Quality:
- Nonperforming loans totaled
, or$86.1 million 2.68% of total assets, compared to , or$30.7 million 0.92% of total assets, at the prior quarter-end. The increase reflects the migration of a group of specialty finance loans to nonaccrual status during the quarter. These loans had a1.79% impact on the nonperforming loans to total assets ratio for the second quarter. - The Company recorded a provision for credit losses of
, compared to$20.5 million last quarter. Net loan charge-offs were$3.7 million in the quarter, representing an annualized net charge-off rate of$8.0 million 1.29% of average loans, compared to , representing an annualized net charge-off rate of$1.1 million 0.17% of average loans, for the prior quarter. Net loan charge-offs in the quarter were primarily attributable to one loan. - The allowance for credit losses ("ACL") as a percentage of total loans held for investment was
1.76% at quarter-end, compared to1.22% at the prior quarter-end. Specific reserves associated with the aforementioned specialty finance loans totaled at June 30, 2023.$14.1 million
Capital:
- As previously announced, on July 12, 2023, the Board of Directors determined to forego the declaration and payment of a cash dividend on the Company's common stock in the third quarter of 2023. The decision was based on the desire to preserve capital and available cash.
- The ratio of tangible stockholders' equity to tangible total assets was
6.3% 1, compared to6.8% 1 at the prior quarter-end. Tangible book value per common share was 1, compared to$10.55 1 at the prior quarter-end.$11.93 - For the quarter ended June 30, 2023, the Bank's tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were
7.86% ,9.27% ,9.27% , and10.77% , respectively, compared to8.50% ,10.06% ,10.06% , and11.12% , respectively, at the prior quarter-end. Capital ratios at quarter-end were within regulatory guidelines to categorize the Bank as well capitalized.
Net Interest Income / Net Interest Margin:
- Net interest income was
, a decline of$20.4 million from the prior quarter, primarily reflecting the reversal of$7.0 million in interest income, related to the aforementioned group of specialty finance loans, and higher funding costs. These impacts were partially offset by increasing loan yields in the quarter, which increased 5 basis points excluding the effect of the interest income reversal.$4.7 million - Net interest margin was
2.67% compared to3.58% for the prior quarter. The reversal of interest income noted above had an approximate negative 60 basis points impact on second quarter net interest margin. - Cost of deposits and total cost of funds were
2.21% and2.49% , respectively, compared to1.74% and2.11% , respectively, for the prior quarter. Federal Home Loan Bank ofAtlanta ("FHLB") and Federal Reserve Bank ofRichmond ("FRB") advances were at June 30, 2023, compared to$284.1 million at the prior quarter-end. Deposit costs and overall funding costs increased during the second quarter of 2023 due primarily to the impact of higher average balances of wholesale funding secured in late first quarter in response to then market events, as well as interest rates on deposits that adjust with changes in federal funds rates.$239.1 million
Balance Sheet:
- Total deposit balances declined
, or$148.0 million 5.4% , from the prior quarter-end, due primarily to a decrease of in wholesale funding, primarily time deposits and interest-bearing demand balances. Excluding wholesale funding, total deposits during the second quarter of 2023 declined by$93.8 million 2.1% from the prior quarter-end. - Deposits related to fintech relationships were
at June 30, 2023, compared to$708 million at the prior quarter-end. These deposits represented$716 million 27.1% of total deposits at June 30, 2023, compared to25.9% of total deposits at the prior quarter-end. Excluding wholesale funding, deposits related to fintech relationships represented30.1% and29.8% of total deposits at June 30, 2023 and March 31, 2023, respectively. - Loans held for investment, excluding Paycheck Protection Program ("PPP") loans, were
, essentially level with the prior quarter-end.$2.45 billion - The held for investment loan to deposit ratio measured
94.1% at quarter-end, compared to89.0% at the prior quarter-end. The increase was primarily due to the reduction in wholesale deposits.
Noninterest Income / Noninterest Expense:
- Noninterest income was
, compared to$9.7 million for the prior quarter, due primarily to fair value adjustments to mortgage servicing rights ("MSRs"), reported in residential mortgage banking income, which were a positive$7.3 million , compared to a negative$0.8 million in the prior quarter.$2.1 million - Noninterest expense was
, compared to$34.1 million for the prior quarter. Increased expenses primarily reflected higher other contractual services, legal, regulatory remediation, and FDIC insurance costs, partially offset by lower salaries and employee benefits costs. Higher other contractual services expense was primarily due to outsourced BSA/AML compliance services as the Bank continues to augment its compliance staff, while higher legal expense was primarily attributable to corporate, employee benefit plans, and other employment matters. Higher FDIC insurance cost relative to the prior quarter was primarily due to balance sheet growth, while lower salaries and employee benefits cost was primarily due to continued headcount reduction in the mortgage division. During the quarter, the Company sold its wholesale mortgage business operating as LenderSelect Mortgage Group.$28.8 million
Income Statement:
Net Interest Income
Net interest income was
Total interest income was
Total interest expense was
Average balances of interest-earning assets increased
Average balances of interest-bearing liabilities increased
Cost of funds was
Net interest margin was
Provision for Credit Losses
The Company recorded a provision for credit losses of
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense was
Balance Sheet:
Loans
Loans held for investment, excluding PPP loans, were
Deposits
Total deposits were
The held for investment loan to deposit ratio was
Fintech Business:
Interest and fee income related to fintech partnerships represented approximately
Deposits related to fintech relationships were
Other Matters:
On May 15, 2023, the Company sold its wholesale mortgage business operating as LenderSelect Mortgage Group ("LSMG") to a third-party for
In the first quarter of 2022, the Company sold its majority interest in MoneyWise Payroll Solutions, Inc. ("MoneyWise") to the holder of the minority interest in MoneyWise. Income statement amounts related to MoneyWise are reported as discontinued operations for all periods presented.
Non-GAAP Financial Measures:
The accounting and reporting policies of the Company conform to
Forward-Looking Statements:
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements: (i) the strength of
1 Non-GAAP financial measure. Further information can be found at the end of this press release.
Blue Ridge Bankshares, Inc. | ||||||
Consolidated Statements of Income (unaudited) | ||||||
For the Three Months Ended | ||||||
(Dollars in thousands, except per common share data) | June 30, 2023 | March 31, 2023 | June 30, 2022 | |||
Interest income: | ||||||
Interest and fees on loans | $ 34,839 | $ 39,294 | $ 23,787 | |||
Interest on taxable securities | 2,543 | 2,628 | 2,129 | |||
Interest on nontaxable securities | 94 | 92 | 89 | |||
Interest on deposit accounts and federal funds sold | 1,497 | 1,039 | 238 | |||
Total interest income | 38,973 | 43,053 | 26,243 | |||
Interest expense: | ||||||
Interest on deposits | 14,624 | 11,331 | 1,541 | |||
Interest on subordinated notes | 547 | 553 | 545 | |||
Interest on FHLB and FRB borrowings | 3,399 | 3,810 | 67 | |||
Total interest expense | 18,570 | 15,694 | 2,153 | |||
Net interest income | 20,403 | 27,359 | 24,090 | |||
Provision for credit losses - loans | 21,100 | 4,100 | 7,494 | |||
Provision for credit losses - unfunded commitments | (600) | (400) | — | |||
Total provision for credit losses | 20,500 | 3,700 | 7,494 | |||
Net interest income after provision for credit losses | (97) | 23,659 | 16,596 | |||
Noninterest income: | ||||||
Fair value adjustments of other equity investments | (281) | (51) | (86) | |||
Residential mortgage banking income, including MSRs | 4,295 | 1,303 | 5,960 | |||
Gain on sale of government guaranteed loans | 2,384 | 2,409 | 1,538 | |||
Wealth and trust management | 462 | 432 | 414 | |||
Service charges on deposit accounts | 349 | 343 | 327 | |||
Increase in cash surrender value of BOLI | 292 | 282 | 276 | |||
Bank and purchase card, net | 560 | 340 | 599 | |||
Other | 1,675 | 2,225 | 1,162 | |||
Total noninterest income | 9,736 | 7,283 | 10,190 | |||
Noninterest expense: | ||||||
Salaries and employee benefits | 14,518 | 15,289 | 15,873 | |||
Occupancy and equipment | 1,913 | 1,569 | 1,500 | |||
Data processing | 1,131 | 1,346 | 874 | |||
Legal | 2,753 | 1,234 | 618 | |||
Advertising and marketing | 337 | 286 | 412 | |||
Communications | 1,171 | 1,131 | 1,030 | |||
Audit and accounting fees | 503 | 146 | 379 | |||
FDIC insurance | 1,246 | 729 | 106 | |||
Intangible amortization | 335 | 355 | 386 | |||
Other contractual services | 3,218 | 939 | 999 | |||
Other taxes and assessments | 803 | 802 | 671 | |||
Regulatory remediation | 2,388 | 1,134 | — | |||
Other | 3,736 | 3,887 | 2,478 | |||
Total noninterest expense | 34,052 | 28,847 | 25,326 | |||
(Loss) income before income tax | (24,413) | 2,095 | 1,460 | |||
Income tax (benefit) expense | (4,949) | 491 | 342 | |||
Net (loss) income | (19,464) | 1,604 | 1,118 | |||
Basic and diluted (loss) earnings per common share | $ (1.03) | $ 0.09 | $ 0.06 |
Blue Ridge Bankshares, Inc. | ||||
Consolidated Statements of Income (unaudited) | ||||
For the Six Months Ended | ||||
(Dollars in thousands except per share data) | June 30, 2023 | June 30, 2022 | ||
Interest income: | ||||
Interest and fees on loans | $ 74,133 | $ 47,686 | ||
Interest on taxable securities | 5,171 | 3,899 | ||
Interest on nontaxable securities | 186 | 164 | ||
Interest on deposit accounts and federal funds sold | 2,536 | 296 | ||
Total interest income | 82,026 | 52,045 | ||
Interest expense: | ||||
Interest on deposits | 25,955 | 3,097 | ||
Interest on subordinated notes | 1,100 | 1,098 | ||
Interest on FHLB and FRB borrowings | 7,209 | 92 | ||
Total interest expense | 34,264 | 4,287 | ||
Net interest income | 47,762 | 47,758 | ||
Provision for credit losses - loans | 25,200 | 9,994 | ||
Provision for credit losses - unfunded commitments | (1,000) | — | ||
Total provision for credit losses | 24,200 | 9,994 | ||
Net interest income after provision for credit losses | 23,562 | 37,764 | ||
Noninterest income: | ||||
Fair value adjustments of other equity investments | (332) | 9,278 | ||
Residential mortgage banking income, including MSRs | 5,598 | 15,519 | ||
Gain on sale of government guaranteed loans | 4,793 | 2,965 | ||
Wealth and trust management | 894 | 805 | ||
Service charges on deposit accounts | 692 | 642 | ||
Increase in cash surrender value of BOLI | 574 | 548 | ||
Bank and purchase card, net | 900 | 1,021 | ||
Other | 3,900 | 3,506 | ||
Total noninterest income | 17,019 | 34,284 | ||
Noninterest expense: | ||||
Salaries and employee benefits | 29,807 | 29,969 | ||
Occupancy and equipment | 3,482 | 2,985 | ||
Data processing | 2,477 | 1,820 | ||
Legal | 3,987 | 1,000 | ||
Advertising and marketing | 623 | 840 | ||
Communications | 2,302 | 1,829 | ||
Audit and accounting fees | 649 | 520 | ||
FDIC insurance | 1,975 | 337 | ||
Intangible amortization | 690 | 783 | ||
Other contractual services | 4,157 | 1,533 | ||
Other taxes and assessments | 1,605 | 1,241 | ||
Regulatory remediation | 3,522 | — | ||
Merger-related | — | 50 | ||
Other | 7,623 | 5,108 | ||
Total noninterest expense | 62,899 | 48,015 | ||
(Loss) income from continuing operations before income tax | (22,318) | 24,033 | ||
Income tax (benefit) expense | (4,458) | 5,495 | ||
Net (loss) income from continuing operations | $ (17,860) | $ 18,538 | ||
Discontinued operations: | ||||
Income from discontinued operations before income taxes (including gain on | — | 426 | ||
Income tax expense | — | 89 | ||
Net income from discontinued operations | $ — | $ 337 | ||
Net (loss) income | $ (17,860) | $ 18,875 | ||
Net income from discontinued operations attributable to noncontrolling interest | — | (1) | ||
Net (loss) income attributable to Blue Ridge Bankshares, Inc. | $ (17,860) | $ 18,874 | ||
Net (loss) income available to common stockholders | $ (17,860) | $ 18,874 | ||
Basic and diluted (loss) earnings per common share from continuing operations | $ (0.95) | $ 0.99 | ||
Basic and diluted (loss) earnings per common share from discontinued operations | $ — | $ 0.02 | ||
Basic and diluted (loss) earnings per common share attributable to Blue Ridge Bankshares, Inc. | $ (0.95) | $ 1.01 |
Blue Ridge Bankshares, Inc. | ||||
Consolidated Balance Sheets | ||||
(Dollars in thousands, except share data) | (unaudited) | December 31, | ||
Assets | ||||
Cash and due from banks | $ 131,843 | $ 77,274 | ||
Federal funds sold | 2,492 | 1,426 | ||
Securities available for sale, at fair value | 340,617 | 354,341 | ||
Restricted equity investments | 17,538 | 21,257 | ||
Other equity investments | 22,693 | 23,776 | ||
Other investments | 27,157 | 24,672 | ||
Loans held for sale | 64,102 | 69,534 | ||
Paycheck Protection Program loans, net of deferred fees and costs | 7,234 | 11,967 | ||
Loans held for investment, net of deferred fees and costs | 2,451,697 | 2,399,092 | ||
Less: allowance for credit losses | (43,067) | (22,939) | ||
Loans held for investment, net | 2,408,630 | 2,376,153 | ||
Accrued interest receivable | 15,474 | 12,393 | ||
Other real estate owned | — | 195 | ||
Premises and equipment, net | 22,849 | 23,152 | ||
Right-of-use asset | 5,744 | 6,903 | ||
Bank owned life insurance | 47,828 | 47,245 | ||
Goodwill | 26,826 | 26,826 | ||
Other intangible assets | 5,925 | 6,583 | ||
Mortgage servicing rights, net | 28,246 | 28,991 | ||
Deferred tax asset, net | 11,051 | 9,182 | ||
Other assets | 28,175 | 19,175 | ||
Total assets | $ 3,214,424 | $ 3,141,045 | ||
Liabilities and Stockholders' Equity | ||||
Deposits: | ||||
Noninterest-bearing demand | $ 575,989 | $ 640,101 | ||
Interest-bearing demand and money market deposits | 1,293,754 | 1,318,799 | ||
Savings | 131,332 | 151,646 | ||
Time deposits | 612,019 | 391,961 | ||
Total deposits | 2,613,094 | 2,502,507 | ||
FHLB borrowings | 219,100 | 311,700 | ||
FRB borrowings | 65,000 | 51 | ||
Subordinated notes, net | 39,888 | 39,920 | ||
Lease liability | 6,765 | 7,860 | ||
Other liabilities | 39,306 | 19,634 | ||
Total liabilities | 2,983,153 | 2,881,672 | ||
Commitments and contingencies | ||||
Stockholders' Equity: | ||||
Common stock, no par value; 50,000,000 shares authorized at June 30, | 196,990 | 195,960 | ||
Additional paid-in capital | 252 | 252 | ||
Retained earnings | 80,287 | 108,262 | ||
Accumulated other comprehensive loss, net of tax | (46,258) | (45,101) | ||
Total stockholders' equity | 231,271 | 259,373 | ||
Total liabilities and stockholders' equity | $ 3,214,424 | $ 3,141,045 | ||
(1) Derived from audited December 31, 2022 Consolidated Financial Statements. |
Blue Ridge Bankshares, Inc. | ||||||||||
Quarter Summary of Selected Financial Data (unaudited) | ||||||||||
As of and for the Three Months Ended | ||||||||||
(Dollars and shares in thousands, except per common share data) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||
Income Statement Data: | 2023 | 2023 | 2022 | 2022 | 2022 | |||||
Interest income | $ 38,973 | $ 43,053 | $ 42,285 | $ 33,146 | $ 26,243 | |||||
Interest expense | 18,570 | 15,694 | 8,329 | 4,469 | 2,153 | |||||
Net interest income | 20,403 | 27,359 | 33,956 | 28,677 | 24,090 | |||||
Provision for credit losses | 20,500 | 3,700 | 3,992 | 3,900 | 7,494 | |||||
Net interest income after provision for credit losses | (97) | 23,659 | 29,964 | 24,777 | 16,596 | |||||
Noninterest income | 9,736 | 7,283 | 5,840 | 7,968 | 10,190 | |||||
Noninterest expenses | 34,052 | 28,847 | 27,552 | 29,208 | 25,326 | |||||
(Loss) income before income taxes | (24,413) | 2,095 | 8,252 | 3,537 | 1,460 | |||||
Income tax (benefit) expense | (4,949) | 491 | 1,948 | 801 | 342 | |||||
Net (loss) income | $ (19,464) | $ 1,604 | $ 6,304 | $ 2,736 | $ 1,118 | |||||
Per Common Share Data: | ||||||||||
(Loss) earnings per common share - basic and diluted | $ (1.03) | $ 0.09 | $ 0.33 | $ 0.15 | $ 0.06 | |||||
Dividends declared per common share | — | 0.1225 | 0.1225 | 0.1225 | 0.1225 | |||||
Book value per common share | 12.21 | 13.60 | 13.69 | 13.22 | 13.95 | |||||
Tangible book value per common share - Non-GAAP | 10.55 | 11.93 | 12.00 | 11.51 | 12.21 | |||||
Balance Sheet Data: | ||||||||||
Total assets | $ 3,214,424 | $ 3,334,911 | $ 3,141,045 | $ 2,881,451 | $ 2,799,643 | |||||
Average assets | 3,277,282 | 3,270,110 | 3,020,371 | 2,903,447 | 2,646,874 | |||||
Average interest-earning assets | 3,064,103 | 3,060,534 | 2,812,898 | 2,686,376 | 2,482,065 | |||||
Loans held for investment (including PPP loans) | 2,458,931 | 2,456,980 | 2,411,059 | 2,171,490 | 2,064,037 | |||||
Loans held for investment (excluding PPP loans) | 2,451,697 | 2,448,992 | 2,399,092 | 2,158,342 | 2,048,383 | |||||
Allowance for credit losses | 43,067 | 29,974 | 22,939 | 20,534 | 17,242 | |||||
Purchase accounting adjustments (discounts) on acquired loans | 6,381 | 6,724 | 7,872 | 10,373 | 12,192 | |||||
Loans held for sale | 64,102 | 76,528 | 69,534 | 25,800 | 32,759 | |||||
Securities available for sale, at fair value | 340,617 | 351,990 | 354,341 | 359,516 | 381,536 | |||||
Noninterest-bearing demand deposits | 575,989 | 594,518 | 640,101 | 787,514 | 785,743 | |||||
Total deposits | 2,613,094 | 2,761,047 | 2,502,507 | 2,409,486 | 2,335,707 | |||||
Subordinated notes, net | 39,888 | 39,904 | 39,920 | 39,937 | 39,953 | |||||
FHLB and FRB advances | 284,100 | 239,100 | 311,751 | 150,155 | 135,060 | |||||
Average interest-bearing liabilities | 2,346,722 | 2,169,643 | 1,777,391 | 1,771,246 | 1,627,423 | |||||
Total stockholders' equity | 231,271 | 257,586 | 259,373 | 250,502 | 261,660 | |||||
Average stockholders' equity | 257,117 | 259,911 | 263,826 | 267,057 | 284,913 | |||||
Weighted average common shares outstanding - basic | 18,851 | 18,856 | 18,857 | 18,849 | 18,767 | |||||
Weighted average common shares outstanding - diluted | 18,851 | 18,860 | 18,863 | 18,860 | 18,778 | |||||
Financial Ratios: | ||||||||||
Return on average assets (1) | -2.38 % | 0.20 % | 0.83 % | 0.38 % | 0.17 % | |||||
Return on average equity (1) | -30.28 % | 2.47 % | 9.56 % | 4.10 % | 1.57 % | |||||
Total loan to deposit ratio | 96.6 % | 91.8 % | 99.1 % | 91.2 % | 89.8 % | |||||
Held for investment loan to deposit ratio | 94.1 % | 89.0 % | 96.3 % | 90.1 % | 88.4 % | |||||
Net interest margin (1) | 2.67 % | 3.58 % | 4.83 % | 4.27 % | 3.89 % | |||||
Cost of deposits (1) | 2.21 % | 1.74 % | 0.85 % | 0.50 % | 0.26 % | |||||
Cost of funds (1) | 2.49 % | 2.11 % | 1.22 % | 0.69 % | 0.36 % | |||||
Efficiency ratio | 113.0 % | 83.3 % | 69.2 % | 79.7 % | 73.9 % | |||||
Regulatory remediation expenses | 2,388 | 1,134 | 2,884 | 4,025 | 510 | |||||
Capital and Asset Quality Ratios: | ||||||||||
Average stockholders' equity to average assets | 7.8 % | 7.9 % | 8.7 % | 9.2 % | 10.8 % | |||||
Allowance for credit losses to loans held for investment, excluding | 1.76 % | 1.22 % | 0.96 % | 0.95 % | 0.84 % | |||||
Nonperforming loans to total assets | 2.68 % | 0.92 % | 0.59 % | 0.35 % | 0.44 % | |||||
Nonperforming assets to total assets | 2.68 % | 0.92 % | 0.60 % | 0.36 % | 0.44 % | |||||
Reconciliation of Non-GAAP Financial Measures (unaudited): | ||||||||||
Tangible Common Equity: | ||||||||||
Total stockholders' equity | $ 231,271 | $ 257,586 | $ 259,373 | $ 250,502 | $ 261,660 | |||||
Less: Goodwill and other intangibles, net of deferred tax liability (2) | (31,427) | (31,637) | (32,027) | (32,369) | (32,632) | |||||
Tangible common equity (Non-GAAP) | $ 199,844 | $ 225,949 | $ 227,346 | $ 218,133 | $ 229,028 | |||||
Total shares outstanding | 18,934 | 18,942 | 18,950 | 18,946 | 18,762 | |||||
Book value per common share | $ 12.21 | $ 13.60 | $ 13.69 | $ 13.22 | $ 13.95 | |||||
Tangible book value per common share (Non-GAAP) | 10.55 | 11.93 | 12.00 | 11.51 | 12.21 | |||||
Tangible stockholders' equity to tangible total assets | ||||||||||
Total assets | $ 3,214,424 | $ 3,334,911 | $ 3,141,045 | $ 2,881,451 | $ 2,799,643 | |||||
Less: Goodwill and other intangibles, net of deferred tax liability (2) | (31,427) | (31,637) | (32,027) | (32,369) | (32,632) | |||||
Tangible total assets (Non-GAAP) | $ 3,182,997 | $ 3,303,274 | $ 3,109,018 | $ 2,849,082 | $ 2,767,011 | |||||
Tangible common equity (Non-GAAP) | $ 199,844 | $ 225,949 | $ 227,346 | $ 218,133 | $ 229,028 | |||||
Tangible stockholders' equity to tangible total assets (Non-GAAP) | 6.3 % | 6.8 % | 7.3 % | 7.7 % | 8.3 % | |||||
(1) Annualized. | ||||||||||
(2) Excludes mortgage servicing rights. |
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SOURCE Blue Ridge Bankshares, Inc.
FAQ
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